v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company’s Statements of Operations present net revenue disaggregated by type or nature of the good or service. A summary of net revenues disaggregated by type of revenue and reportable segment is presented below. Refer to Note 12 for additional information on the Company’s reportable segments.
Three Months Ended June 30, 2026
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$277 $1,144 $340 $— $(2)$1,759 
Food and beverage267 160 — — (1)426 
Hotel315 180 — — — 495 
Other158 86 11 57 1 313 
Net revenues$1,017 $1,570 $351 $57 $(2)$2,993 
Three Months Ended June 30, 2025
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$292 $1,045 $331 $— $— $1,668 
Food and beverage278 150 — — — 428 
Hotel346 163 — — — 509 
Other138 77 12 74 1 302 
Net revenues$1,054 $1,435 $343 $74 $1 $2,907 
Six Months Ended June 30, 2026
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$521 $2,202 $705 $— $(3)$3,425 
Food and beverage540 311 — — (1)850 
Hotel661 321 — — — 982 
Other298 166 20 123 (1)606 
Net revenues$2,020 $3,000 $725 $123 $(5)$5,863 
Six Months Ended June 30, 2025
(In millions)Las VegasRegionalCaesars DigitalManaged and BrandedCorporate and OtherTotal
Casino$535 $2,075 $655 $— $(3)$3,262 
Food and beverage564 299 — — — 863 
Hotel689 302 — — — 991 
Other269 147 23 141 5 585 
Net revenues$2,057 $2,823 $678 $141 $2 $5,701 
Accounts Receivable, net
(In millions)June 30, 2026December 31, 2025
Casino$178 $221 
Food and beverage and hotel126 100 
Other181 155 
Accounts receivable, net$485 $476 
Contract and Contract Related Liabilities
The Company records contract or contract related liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by customers, (2) Caesars Rewards player loyalty program obligations, which represent the deferred allocation of revenue relating to reward credits granted to Caesars Rewards members based on certain types of customer spend, including online and retail gaming, hotel, dining, retail shopping, and player loyalty program incentives earned, and (3) customer deposits and other deferred revenue, which primarily represents funds deposited by customers related to gaming play or advance payments received for goods and services yet to be provided (such as advance ticket sales, deposits on rooms and convention space, unpaid wagers, iGaming deposits, or future sports bets). These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within Accrued other liabilities on the Company’s Balance Sheets. Liabilities expected to be recognized as revenue beyond one year of being purchased, earned, or deposited are recorded within Other long-term liabilities on the Company’s Balance Sheets.
The following table summarizes the activity related to contract and contract related liabilities:
Outstanding Chip LiabilityCaesars RewardsCustomer Deposits and Other Deferred Revenue
(In millions)202620252026202520262025
Balance at January 1$39 $47 $89 $79 $492 $549 
Balance at June 3041 39 92 86 545 586 
Increase / (decrease)$2 $(8)$3 $7 $53 $37 
Lease Revenue
Lodging Arrangements
Lodging arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of the fees charged for lodging. The nonlease components primarily consist of resort fees and other miscellaneous items. As the timing and pattern of transfer of both the lease and nonlease components are over the course of the lease term, we have elected to combine the revenue generated from lease and nonlease components into a single lease component based on the predominant component in the arrangement. During the three months ended June 30, 2026 and 2025, we recognized lease revenue of approximately $495 million and $509 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized approximately $982 million and $991 million, respectively, which is included in Hotel revenues in the Statements of Operations.
Conventions
Convention arrangements are considered short-term and generally consist of lease and nonlease components. The lease component is the predominant component of the arrangement and consists of fees charged for the use of meeting space. The nonlease components primarily consist of food and beverage and audio/visual services. Revenue from conventions is included in Food and beverage revenue in the Statements of Operations and during the three months ended June 30, 2026 and 2025, lease revenue related to conventions was approximately $15 million and $14 million, respectively, and approximately $29 million for each of the six months ended June 30, 2026 and 2025.
Real Estate Operating Leases
Real estate lease revenue is included in Other revenue in the Statements of Operations. During the three months ended June 30, 2026 and 2025, we recognized approximately $37 million and $32 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized approximately $70 million and $61 million, respectively, of real estate lease revenue.
Real estate lease revenue includes $16 million and $15 million of variable rental income for the three months ended June 30, 2026 and 2025, respectively, and $31 million and $29 million for the six months ended June 30, 2026 and 2025, respectively.